AUD/CAD – 30M – SELLThe pair Australian Dollar/Canadian Dollar (AUD/CAD) jumps from the ascending trendline down.
A bearish trend down to the next support at 0.90386 is certain.
Caution: A possible counter-trend in the direction of the resistance line at 0.90618 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bearish Engulfing’ candlestick chart pattern is found. The candles show ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.90701 |
| 2nd High | 0.90676 |
| Next High | 0.90618 |
| Current Price | 0.91214 |
| Next Low | 0.90386 |
| 2nd Low | 0.90079 |
| 3rd Low | 0.90002 |
Trading Signals: FOREX – AUD – AUD/CAD – CAD – Bearish Engulfing